05:52:52 EDT Sat 04 Apr 2020
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or Name

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Planet Ventures Inc
Symbol PXI
Shares Issued 114,039,190
Close 2020-02-12 C$ 0.07
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Planet Ventures closes 1st Eleven acquisition

2020-02-12 18:22 ET - News Release

Ms. Zula Kropivnitski reports


Planet Ventures Inc. has received final approval from the TSX Venture Exchange for its acquisition of 1st Eleven Ltd. (First XI), and the acquisition closed on Feb. 12, 2020.

Pursuant to the terms of the share exchange agreement between the company and First XI dated Nov. 1, 2019, the company will issue 70 million common shares in the capital of the company to the former First XI shareholders in exchange for all of the issued and outstanding shares in the capital of First XI. Additionally, pursuant to the share exchange agreement, the company will pay First XI the aggregate sum of $200,000.

Zula Kropivnitski, CFO of Planet commented: "We are extremely pleased to announce the final approval from the TSX Venture Exchange of our acquisition of First XI. Moving forward, we will continue to be resolute in looking to provide investors with progressive investment and growth opportunities. As First XI continues to expand and roll out its compelling and unique eSports program, we will continue keep investors and shareholders informed of its progress."

Peter Glancy, Founder and CEO of First XI commented: "We are excited to close our agreement with Planet Ventures and the timing is significant as we close at the beginning of 2020 as a new decade begins. eSports is a significant investment opportunity. The eSports industry continues its unwavering and unprecedented progression into a global multi-million-dollar business and we look forward to having First XI make a significant impression in this exciting and growing market. It's the perfect time to be joining Planet and we look forward to exciting times ahead."

Planet's management team continues to monitor its current portfolio of investments in the eSports, as well as several disruptive technology industries and will provide further updates over the coming months.

About Gaming and eSports

The scope and influence of Gaming/eSports are massive. There are now more than 2.5 billion gamers across the world. The Global Games Market generated $148.8 billion on games in 2019, representing an increase of +7.2% year on year. (source: Newzoo)

eSports is acknowledged as a "billion-dollar industry" with players, fans occupying stadiums in their thousands attending professional events, with millions of spectators watching live through streaming services. Newzoo, a market analytics company, estimates that the eSports market could reach $1.8 billion to as high as $3.2 billion in revenue by 2022 (source: Fortune).

About 1st XI.

1st XI's focus is to maximise on the exciting opportunities on the increasing demand for live content in eSports, 1 st XI will provide live events, exceptional content, offer gamers, sports fans an exceptional gamer experience.

1st XI's unique business model combines the passion for football (soccer) and eSports with innovative gamer technology and provides exclusive access to international athletes and football stars. 1st XI will be the first sports media company to produce manage its own professional eSports teams, who will play and partner with professional sport stars, international athletes and football players. 1st XI offers fans and gamers an exceptional interactive experience.

1st XI's licenced proprietary online platform will ultimately provide subscribers with a member's gamer hub, dedicated to delivering sports fans a live competitive eSports experience. 1 st XI will provide professional events, news, gamer programs, live daily competitions. 1 st XI's gamer platform offers players multiple game options, via syndicated and collective peer-to-peer group play. 1 st XI has offices in the UK and Brazil .

About Planet Ventures Inc.

Planet Ventures Inc. (TSXV:PXI), is an investment issuer listed on the TSX Venture Exchange, that is focused on investing in disruptive companies and industries that have high growth potential. Our unique portfolio driven investment policies provide our investors access to emerging and high-growth opportunities while shielding them from any formidable downside.

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